Procore Technologies (NYSE:PCOR) Now Covered by Analysts at Berenberg Bank

Key Points

• Analysts at Berenberg Bank have initiated coverage on Procore Technologies (NYSE: PCOR) with a "buy" rating and a price target of $84.00, indicating a potential upside of 17.07% from the stock's previous close.
• The company beat analysts' expectations for its latest quarterly earnings, reporting $0.35 EPS against a consensus estimate of $0.24, with revenue up 13.9% year-over-year.
• Procore's shares opened at $71.76, and it has a current market capitalization of $10.78 billion, highlighting its financial position in the market.

Investment analysts at Berenberg Bank started coverage on shares of Procore Technologies (NYSE:PCOR - Get Free Report) in a note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage set a "buy" rating and a $84.00 price target on the stock. Berenberg Bank's price objective points to a potential upside of 17.07% from the company's previous close.

PCOR has been the topic of a number of other research reports. Citizens Jmp lowered shares of Procore Technologies from an "outperform" rating to a "market perform" rating in a research note on Friday, August 1st. Piper Sandler raised their price objective on shares of Procore Technologies from $75.00 to $82.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. BMO Capital Markets raised their price objective on shares of Procore Technologies from $75.00 to $82.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Barclays raised their price objective on shares of Procore Technologies from $72.00 to $82.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. Finally, Stifel Nicolaus raised their price objective on shares of Procore Technologies from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Fourteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.11.

Procore Technologies Price Performance

Shares of NYSE:PCOR opened at $71.76 on Friday. The firm's 50 day moving average is $69.00 and its two-hundred day moving average is $67.65. Procore Technologies has a 52 week low of $53.71 and a 52 week high of $88.92. The firm has a market capitalization of $10.78 billion, a P/E ratio of -74.74 and a beta of 0.90. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.11. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The business had revenue of $323.92 million for the quarter, compared to analyst estimates of $311.91 million. During the same quarter last year, the business earned $0.39 earnings per share. The business's revenue for the quarter was up 13.9% on a year-over-year basis. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Benjamin C. Singer sold 1,036 shares of the firm's stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $75.00, for a total transaction of $77,700.00. Following the completion of the sale, the insider directly owned 85,330 shares in the company, valued at approximately $6,399,750. This trade represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Howard Fu sold 796 shares of the firm's stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $71.02, for a total transaction of $56,531.92. Following the sale, the chief financial officer owned 188,661 shares of the company's stock, valued at $13,398,704.22. The trade was a 0.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,649 shares of company stock worth $3,164,856. Corporate insiders own 21.50% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PCOR. Wasatch Advisors LP boosted its stake in shares of Procore Technologies by 58.4% during the 2nd quarter. Wasatch Advisors LP now owns 4,656,421 shares of the company's stock valued at $318,592,000 after buying an additional 1,717,492 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Procore Technologies by 84.5% during the 1st quarter. JPMorgan Chase & Co. now owns 3,259,544 shares of the company's stock valued at $215,195,000 after buying an additional 1,492,869 shares during the period. Norges Bank acquired a new stake in shares of Procore Technologies during the 2nd quarter valued at $82,361,000. Champlain Investment Partners LLC boosted its stake in shares of Procore Technologies by 73.3% during the 2nd quarter. Champlain Investment Partners LLC now owns 2,259,420 shares of the company's stock valued at $154,590,000 after buying an additional 955,450 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Procore Technologies by 134.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,151,867 shares of the company's stock valued at $77,901,000 after buying an additional 660,726 shares during the period. Hedge funds and other institutional investors own 81.10% of the company's stock.

Procore Technologies Company Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.

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